Ellie Lister | Wednesday 16th December, 2020
Have you got old pension pots scattered around from old jobs?
It may seem like a pain to dig out the paperwork for these old pension pots, but it doesn't have to be that complicated. Tracking down and combining your pensions together can actually be really simple.
Here's how to track down the information on your old pensions, and transfer them together.
Penfold offers a completely free and fast pension transfer service, which we'll manage on your behalf! All you need to do is submit your transfer request by logging in to your Penfold account and clicking the pension transfer button on your dashboard.
All you need is your provider name, policy reference and an estimated pot amount. If you don't know these details, please read ahead!
To transfer your pension, you’ll first need to choose a location to move it to.
This could be an existing pension, or a new pension with a new provider. If you're transferring over to a new pension provider, then you’ll need to make sure this is set up first before starting the transfer.
You can ask your provider to start the transfer and provide them with the pension details for the plan you want to move over.
Tracking down your old pension pots can be like finding a needle in a haystack: you're not sure where to start and it can be seriously fiddly.
You may have little to no information about what pensions you have. Here are some key steps that will help get you on your way.
If you don’t remember the names of the provider who administers your pension, don’t worry. There are a few things you can do to find this out:
There's one magic key to locating these old pots, and that's the policy reference number. There are a few options to help you find this out:
There is no set-in-stone rule regarding how long it takes another provider to transfer over the pension funds to Penfold. Providers who process transfers online are typically much faster than providers that use snail mail.
However, on average it takes around 4-8 weeks for the pension to be transferred, assuming that there are no complications involved (i.e. policy number not matching).
We will provide updates from the pension provider though if there is something that needs your attention, and as always, feel free to get in touch whenever for a frequent update!
If you have any questions about this, please get in touch on our online chat, or through email here.
It is important to compare providers’ fees & any guaranteed benefits when deciding on whether to transfer, and be sure that the investments available are suitable for you. If you decide to close your Penfold account and the value of your pot has gone down, the amount returned to the provider may be less than what you originally transferred. For more information on the risks see here.